TAMPA, Fla. – The Tampa Bay Rays have reached a major milestone in their quest for a long-term home, unveiling a Memorandum of Understanding (MOU) to build a $2.3 billion ballpark and mixed-use district in Tampa. The ambitious project, centered on the Dale Mabry Campus of Hillsborough College, aims to secure the team’s future in the region for at least the next 35 years.
Under the terms of the agreement, the Rays will provide the largest share of the funding, contributing $1.235 billion toward construction. The team has also agreed to cover any potential cost overruns, a move designed to protect public funds.
The remaining $1.065 billion will come from a mix of public sources, including $750 million from Hillsborough County and $251 million from the City of Tampa. Officials emphasized that the public portion will be funded through tourist development taxes, community investment taxes, and federal reimbursements, ensuring no new taxes are levied on local residents.
A central piece of the plan involves the total transformation of the Hillsborough College campus. While the college will remain fully operational during construction, students will eventually move into brand-new academic buildings integrated into a modern mixed-use district.
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The project promises 45,000 students access to direct internships and career opportunities with the Rays organization and surrounding businesses.
The economic projections for the site are substantial. Proponents estimate a total economic impact of $55.5 billion over 30 years, including $34 billion in direct impact from the ballpark and the surrounding district. The development is expected to create 40,000 full-time equivalent jobs and 11,900 permanent positions.
The agreement also includes a “Do No Harm” pledge, ensuring that funding for police, fire, and emergency services is not impacted. Furthermore, the ballpark is designated to serve as a staging area for first responders during local emergencies.
Tampa Bay Rays Chief Executive Officer Ken Babby expressed optimism about the partnership.
“This Memorandum of Understanding marks an important step forward and reflects a responsible public-private partnership that can be achieved through open communication and a commitment to getting this right for the community,” Babby said.
Before the first pitch can be thrown on the projected opening day of March 1, 2029, several hurdles remain.
The City Council, County Commission, and Major League Baseball must all grant final approval. All definitive documents must be signed by June 1, 2026, to keep the construction timeline on track. If approved, the Rays will sign a non-relocation agreement, officially ending years of speculation regarding the team’s future.
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